8006 SURETY

8006.1 The Commission may require a postsecondary degree granting educational institution to provide a bond or surety, payable to the Commission, of no more than one hundred thousand dollars ($100,000).

8006.2 The Commission may require the bond or surety at the time of licensure or at any time during the license period.

8006.3 The bond or surety shall be used for the purpose of protecting students in the event the institution declares bankruptcy, closes, or otherwise breaches its contract with its students by terminating an educational program without providing adequate student refund or teach-out arrangements.

Source: Final Rulemaking published at 37 DCR 6595, 6604 (October 19, 1990); as amended by Notice of Final Rulemaking published at 58 DCR 2424, 2434 (March 18, 2011).